HOUSTON – (Realty News Report) – Houston home sales increased 29 percent in October as low mortgage rates motivated buyers to make a move, the Houston Association of Realtors reported Wednesday.
It was the best October in the history of Houston realty.
The association said 9,287 single family homes sold in October, compared to 7,187 sales in October of last year.
Year-to-date sales are currently 7.7 percent ahead of 2019’s record pace. So it is almost a certainty that 2020 will be a record year for residential transactions.
Mortgage rates have hovered around 3 percent for months. The Federal Reserve indicated their strategy that will hold rates low for a long time percent are the “new normal,” and will continue to drive the housing market.
“There was no way to anticipate that the Houston housing market would move at such incredible velocity when coronavirus struck, but I believe it is a testament to the importance of meeting consumers’ housing needs during a pandemic and the dedication of hard-working real estate professionals throughout our community,” said HAR Chairman John Nugent with RE/MAX Space Center.
The single-family home median price rose 11.1 percent to $266,685 while the average price increased 12.4 percent to $334,996. Both figures are record highs for an October.
Nov. 11, 2020 Realty News Report Copyright 2020
File: The Best October in Houston home sales.
Photo credit: Ralph Bivins, Realty News Report. Copyright 2020